In 2016, we expect a 3% recession in Azerbaijan, World Bank Chief Economist for Europe and Central Asia (ECA) Hans Timmer said at a videoconference in Bucharest.
The World Bank expects economic growth of 3% in the next two years. “Because of this, we expect zero growth in the economy of Azerbaijan in these three years,” he said.
Mr. Timmer also said inflation in Azerbaijan will be double-digit this year, and in the next two years it will stabilize.
“Now there is a process of balancing price and inflation is related to the sharp rise in import prices,” he said.
Mr. Timmer stressed the World Bank recommends to stabilize the financial sector. “Falling oil prices also have a negative impact on the banking sector. There is a need to restructure the banks. The volume of problem loans has increased. Measures should be taken in the medium and long term,” he said. --71D
Economics
-
Hundreds of trucks are stuck in the Kazakh port of Kuryk, facing delays for several days while waiting for ferry transport to Azerbaijan, the Azakhstan portal reports lada.kz. The backlog is due to a combination of reduced ferry availability, adverse weather conditions, and an influx of cargo rerouted because of expanded sanctions on Russia.
-
Members of the Association of Independent Industrialists and Businessmen (MÜSIAD) have invested 61.3 million manats in Azerbaijan's economy over the past three years, Rashad Jabirli, chairman of "MÜSIAD Azerbaijan," revealed during a media briefing.
-
While the global economy faces persistent challenges, trade between China and Azerbaijan has defied downward trends, demonstrating significant growth. According to official statistics from Azerbaijan, bilateral trade in 2023 reached 3.1 billion US dollars. In just the first ten months of 2024, trade volume increased by 17.1% year-on-year, reaching 3.02 billion US dollars, putting the annual trade figure on track to hit a record high.
-
The German-Azerbaijani Chamber of Commerce (AHK Azerbaijan) hosted its biannual Members' General Meeting in Baku on December 18, 2024, gathering over 80 business representatives to reflect on the chamber’s milestones and chart a path forward.
Leave a review